Spot gold prices are trading marginally higher Thursday with prices observed in a tight trading range ahead of Federal Reserve Chairman Ben Bernanke’s speech at the central bank symposium on Friday. The underlying bias in gold remains firm that the US Federal Reserve will embark on another fresh wave of stimulus measures to boost the flagging US economy, although some analysts are calling that Bernanke will not deliver the dovish comments that the gold longs have been seeking. Market participants in the precious metal may have to wait for the next FOMC meeting scheduled for Sept 12-13 for further clues on the Fed’s latest attitude towards any fresh stimulus measures. Activity in the physical market remains muted ahead of Bernanke’s speech. Spot gold has edged its way higher in Asian trade from an intra-day low of $1654.74 a troy ounce, and just traded a fresh session high of $1660.32 a few moments ago in tandem with a moderate pop higher in the euro. Spot gold is currently trading $1660 a troy ounce, up $3.50 on the session.
EasyForexNews Research Team